Basic Stock

Basement Store – Originally in the basement of a Department Store, to which bargain merchandise was consigned, the concept has grown to mean any part of the store which specializes in merchandise priced to go easy on the average Consumer’s budget. Sometimes called budget store or budget departments. See: Automatic Basement

Base Period – A specific year or time interval used as a reference point for business and economic data. Where an interval of several years is used, the data for those years are averaged and the resulting numbers are adopted as representing 100 in the computation of Index Numbers. The base period is sometimes erroneously referred to as a “normal” period, which practice can be extremely misleading.

BASIC – (1) Abbreviation for: Beginner’s All-Purpose Symbolic Instruction Code, computer language that is one of the easiest programming languages to learn, although not the most powerful for many applications. (2) In retailing, A fashion that has become a constant. (3) A fashion that persists over a long periods of time, perhaps even generations, such as some styles of sweaters.

Basic Bus – The contract arrangement in which an advertiser using Transit advertising has every car card inside the vehicle. See: Total Bus

Basic Economic Utilities – See: Utility

Basic Network – The minimum grouping of stations for which an advertiser must contract in order to use the facilities of a radio or television Network. There is an increasing trend toward ignoring the “basic network” and allowing the advertise to pick up as he chooses. See: Key Station

Basic Rate – Same as: One-Time Rate

Basic Station – A station which an advertiser must include if he wishes o use the network.

Basic Low Stock – The lowest level of inventory judge permissible for an item. It indicates  a conception of the smallest number of units that could be on hand without losing sales at the lowest sales period of the year or season.

Basic Stock – Usually applied for staple items, it is assorted plan of items to be kept continuously on hand for a period usually at least on year. Brand identification generally is of considerable significance. Much more specific as to name, size, style number, color, etc., than a Model stock. Includes a list of items to be carried in stock, reorder points, and reorder quantities. Non-staple items can become Basic while, for Fashion or Fad reasons, they enjoy intensified customer demand.

Basic Stock List – An assortment plan for staple merchandise that is continuously maintained in stock, usually for a period of a year or more.

Basic Stock Method – One of the four primary method used by retailers for Stock Planning. Most useful where stock turn is less than six times per planned sales and end of the month with a Basic Stock inventory. Using retail prices for convenience, the formula becomes: BOM stock level= planned sales for month + average stock – average monthly sales.

Basic Weight – Refers to the weight of Ream paper when cut to the standard size of that class of paper. These sizes are: 17” x 22” for writing papers, 25” x 38” for book papers,20” x 26” for cover stock.

Basing Point – The shipping point from which freight is charged to a customer regardless of where the shipment actually originates. See: Basing Point Pricing, Price Equalization

Basing Point Pricing – A system of pricing in which the price to the buyer is the price of the product plus freight from a specified point regardless of the buyer’s or seller’s location. As a rule, this practice is considered illegal when more than one seller is involved, the basing point is common to all, and prices are uniform. 2. A variation of delivered pricing. The delivered price is the product’s list price plus transportation from a basing point to a buyer.  The basing point is a city where the product is produced. but, in basing point pricing, the product maybe shipped from a city other than a basing point.  See: Zone Pricing

Basis – Used in trading in commodities to denote the difference between the cash price (spot market) and the future price (futures market) of the raw material involve in a hedge. Unusually large changes in the basis may lead to possible large gains or losses which hedging normally almost entirely eliminates.

Basis Grades – For each commodities traded on a Futures contract, the most generally demanded grades for actual delivery against the contract. These are particularly defined by the Commodity Exchange and are the grades for which prices are quoted. Variations from these grades are usually permitted for delivery at fixed premiums or discounts for defined superior or inferior grades. See: Contract Grades

Batch – A group of similar documents handled as input in an ADP system during the same Run.

Batch Controls – In ADP, techniques for insuring the completeness and the accuracy of batches during movement through the system’s processing points. Generally includes counts of items, control totals and Hash totals.

Battleground Map – Used sometimes to describe a map maintained by a retailer to show the location of the flagship’s store, branch stores, and competitive units within the retailer’s trading area.

Battle of the Brands – Descriptive of the vying between national brands and private brands to achieve acceptance in the market. Normally similar or substitutable goods are involved.

Bayesian Decision Analysis – See: Formal Decision Analysis

BCU – In television, abbreviation for: big close-up

Bear – One who believes prices are likely declined. See: Bull

Bearer – Same as: Dead Metal

Behavior – Refers to physical acts the subjects of Marketing Research have done or are doing, such as their buying habits. Marketers are interested in the “why” of behavior and much time, effort, and money are expended in trying to discover the basic causes. See: Motivation

Behavioral Analysis – A sales management evaluation and control method for monitoring sales force performance. A behavioral analysis involves evaluating the actual behavior of sales people as well as their ultimate performance in terms of sales volume. Examples of behavioral techniques include self-rating scales, supervisor ratings, and field observations.

Behavioral Intention – A cognitive plan to perform a behavior or action ( I intend to go shopping later”), created through a choice/decision process that focuses on beliefs about the consequences of the action.

Behavioral Self Management – A process by which a sales person adopts certain procedures to control his/her behavior in order to achieve  a favorable results (such as improved performance). Examples of behavioral self management techniques include sales people’s monitoring their own behavior (e.g., recording the amount of time spent calling customers), setting personal goals (e.g., determining the number of new accounts to open), and rehearsing the desired behavior.

 

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